Should Unconventional Balance Sheet Policies Be Added to the Central Bank toolkit? a Review of the Experience so Far PDF Download

Author: Mr.Mark R. Stone
Publisher: International Monetary Fund
ISBN: 1455268461
Category : Business & Economics
Languages : en
Pages : 72

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Book Description
What is the case for adding the unconventional balance sheet policies used by major central banks since 2007 to the standard policy toolkit? The record so far suggests that the new liquidity providing policies in support of financial stability generally warrant inclusion. As the balance sheet policies aimed at macroeconomic stability were used only by a small number of highly credible central banks facing a lower bound constraint on conventional interest rate policy, they are not relevant for most central banks or states of the world. Best practices of these policies are documented in this paper.

Author: Simon James Bytheway
Publisher: Cornell University Press
ISBN: 1501706500
Category : History
Languages : en
Pages : 261

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Book Description
In recent decades, Tokyo, London, and New York have been the sites of credit bubbles of historically unprecedented magnitude. Central bankers have enjoyed almost unparalleled power and autonomy. They have cooperated to construct and preserve towering structures of debt, reshaping relations of power and ownership around the world. In Central Banks and Gold, Simon James Bytheway and Mark Metzler explore how this financialized form of globalism took shape a century ago, when Tokyo joined London and New York as a major financial center.As revealed here for the first time, close cooperation between central banks began along an unexpected axis, between London and Tokyo, around the year 1900, with the Bank of England's secret use of large Bank of Japan funds to intervene in the London markets. Central-bank cooperation became multilateral during World War I—the moment when Japan first emerged as a creditor country. In 1919 and 1920, as Japan, Great Britain, and the United States adopted deflation policies, the results of cooperation were realized in the world's first globally coordinated program of monetary policy. It was also in 1920 that Wall Street bankers moved to establish closer ties with Tokyo. Bytheway and Metzler tell the story of how the first age of central-bank power and pride ended in the disaster of the Great Depression, when a rush for gold brought the system crashing down. In all of this, we see also the quiet but surprisingly central place of Japan. We see it again today, in the way that Japan has unwillingly led the world into a new age of post-bubble economics.

Author: Iris Claus
Publisher: John Wiley & Sons
ISBN: 1119565162
Category : Business & Economics
Languages : en
Pages : 400

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Book Description
The literature surveys presented in this edited volume provide readers with up-to-date reviews on eleven contemporary topics in finance. Topics include unconventional monetary policy, implicit bank guarantees, and financial fraud - all linked to the exceptional event of the Global Financial Crisis Explores how recent studies on inflation risk premia and finance and productivity have benefitted from new empirical methods and the availability of relevant data Demonstrates how angel investing, venture capital, relationship lending and microfinance have benefitted from increased research as they have become more seasoned Investigates crowdfunding and crypto-currencies which have both arisen from recent technological developments

Author: Barbara Rockefeller
Publisher: Harriman House Limited
ISBN: 0857192701
Category : Business & Economics
Languages : en
Pages : 333

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Book Description
The foreign exchange market is huge, fascinating and yet widely misunderstood by participants and non-participants alike. This is because its unanswered questions are numerous. For instance, what is the purpose of the $4 trillion per day trading volume? What determines currency trends and who are the players in the FX arena? Does FX drive other financial markets, or is it the passive end-product of all the other markets? FX is without clear supply and demand factors, so how do traders determine sentiment and price direction? Much is written in an effort to answer these questions, but a lot of it is just noise. In the 12 pieces here, Barbara Rockefeller and Vicki Schmelzer draw on their combined 50 years' experience in foreign exchange to cut through the clutter and provide an elegant and razor-sharp look at this market. Their analysis is accurate, useful and enlivened by many anecdotes and examples from historic market events. They cover: - How the matrix concept can help observers understand foreign exchange market action - What professional FX traders take into consideration before entering into positions - Whether the FX market can be forecast - The interplay between foreign exchange and other financial markets - How technology has levelled the playing field between big and small players, and at what cost - Whether the prospect of reserve currency diversification away from the dollar is likely - The toolkit that central banks use to manage national economies and the effect of this on currencies 'The Foreign Exchange Matrix' is the go-to book for anyone seeking a deeper understanding of the world of foreign exchange.

Author: Adam S. Posen
Publisher: Peterson Institute for International Economics
ISBN: 0881326747
Category : Business & Economics
Languages : en
Pages : 362

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Book Description
The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong

Author: International Monetary Fund. Monetary and Capital Markets Department
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 22

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Book Description
The paper briefs the Executive Board on the initial considerations on CBDC. These cover a framework to guide countries’ CBDC exploration, as well as implications for monetary policy transmission, capital flow management measures, and financial inclusion.

Author: Bob Jessop
Publisher: Routledge
ISBN: 1317681525
Category : Business & Economics
Languages : en
Pages : 345

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Book Description
The recent financial crisis exposed both a naïve faith in mathematical models to manage risk and a crude culture of greed that embraces risk. This book explores cultures of finance in sites such as corporate governance, hedge funds, central banks, the City of London and Wall Street, and small and medium enterprises. It uses different methods to explore these cultures and their interaction with different financial orders to improve our understanding of financial crisis dynamics. The introduction identifies types of cultural turn in studies of finance. Part I outlines relevant research methods, including comparison of national cultures viewed as independent variables, cultural political economy, and critical discourse and narrative policy analysis. Part II examines different institutional cultures of finance and the cult of entrepreneurship. Part III offers historical, comparative, and contemporary analyses of financial regimes and their significance for crisis dynamics. Part IV explores organizational cultures, modes of calculation, and financial practices and how they shape economic performance and guide crisis management. Part V considers crisis construals and responses in the European Union and China. This book’s great strength is its multi-faceted approach to cultures of finance. Contributors deploy the cultural turn creatively to enhance comparative and historical analysis of financial regimes, institutions, organizations, and practices as well as their roles in crisis generation, construal, and management. Developing different paradigms and methods and elaborating diverse case studies, the authors illustrate not only how and why ‘culture matters’ but also how its significance is shaped by different financial regimes and contexts.

Author: Niall Ferguson
Publisher: Penguin
ISBN: 1440654026
Category : History
Languages : en
Pages : 498

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Book Description
The 10th anniversary edition, with new chapters on the crash, Chimerica, and cryptocurrency "[An] excellent, just in time guide to the history of finance and financial crisis." —The Washington Post "Fascinating." —Fareed Zakaria, Newsweek In this updated edition, Niall Ferguson brings his classic financial history of the world up to the present day, tackling the populist backlash that followed the 2008 crisis, the descent of "Chimerica" into a trade war, and the advent of cryptocurrencies, such as Bitcoin, with his signature clarity and expert lens. The Ascent of Money reveals finance as the backbone of history, casting a new light on familiar events: the Renaissance enabled by Italian foreign exchange dealers, the French Revolution traced back to a stock market bubble, the 2008 crisis traced from America's bankruptcy capital, Memphis, to China's boomtown, Chongqing. We may resent the plutocrats of Wall Street but, as Ferguson argues, the evolution of finance has rivaled the importance of any technological innovation in the rise of civilization. Indeed, to study the ascent and descent of money is to study the rise and fall of Western power itself.

Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1463904908
Category : Business & Economics
Languages : en
Pages : 12

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Book Description
The September 2011 issue of the IMF's quarterly "Research Bulletin" features a Q&A discussion about economic recovery in countries emerging after war or other open. The research summaries in this issue include: "Revisiting Capital Controls"; and "Capital Flows and Financial Stability: Monetary Policy and Macroprudential Responses." The September issue also provides details on IMF visiting scholars (mainly during the September - December 2011 period), as well as recent Working Papers and Staff Discussion Notes published by the IMF.

Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0

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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.